INTRODUCTION

The Board of Directors of Alam Maritim Resources Berhad ("AMRB" or "the Company") is pleased to announce that its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd, has recently been awarded an extension of contract for the provision of one (1) unit accommodation work barge ("the Contract") for a Contract sum of approximately RM33.59 million (inclusive of catering, lodging and de-mobilisation costs).


DURATION OF CONTRACT

The Contract which will be effective from 12 January 2013 to 11 January 2014, is for a firm period of one (1) year.

RISKS FACTORS 

Risks factors affecting the Contract are mainly operational risks such as accidents and unexpected breakdown of vessels. Notwithstanding this, the Company shall always ensure strict compliance to the safety and operational procedures in the execution of contract requirements and has developed a programmed maintenance schedule which stringently adheres to the International Safety Management (ISM) Standards in maintaining performance and seaworthiness of all vessels.


FINANCIAL EFFECTS

The Contract is expected to contribute positively to the earnings and net assets of AMRB for the financial year ending 31 December 2013 and beyond. Notwithstanding this, the Contract is not expected to have any material effects on the share capital and shareholding structure of the Company.



DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the Contract.



DIRECTORS' STATEMENT

The Board of Directors of AMRB is of the opinion that the acceptance of the Contract is in the best interest of the Company.


This announcement is dated 11 January 2013.


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